State of Alaska Department of Revenue Lowers Stake in Sterling Infrastructure, Inc. $STRL

State of Alaska Department of Revenue lessened its stake in Sterling Infrastructure, Inc. (NASDAQ:STRL) by 15.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 15,307 shares of the construction company’s stock after selling 2,776 shares during the period. State of Alaska Department of Revenue owned about 0.05% of Sterling Infrastructure worth $5,199,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. grew its stake in shares of Sterling Infrastructure by 16.1% in the second quarter. Hantz Financial Services Inc. now owns 295 shares of the construction company’s stock valued at $68,000 after buying an additional 41 shares in the last quarter. CWC Advisors LLC. lifted its stake in Sterling Infrastructure by 2.4% during the 2nd quarter. CWC Advisors LLC. now owns 1,858 shares of the construction company’s stock worth $429,000 after acquiring an additional 43 shares in the last quarter. Richardson Financial Services Inc. boosted its holdings in Sterling Infrastructure by 32.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 190 shares of the construction company’s stock valued at $42,000 after acquiring an additional 47 shares during the period. Private Trust Co. NA grew its position in Sterling Infrastructure by 9.4% in the 2nd quarter. Private Trust Co. NA now owns 591 shares of the construction company’s stock valued at $136,000 after acquiring an additional 51 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its position in Sterling Infrastructure by 54.8% in the 2nd quarter. Golden State Wealth Management LLC now owns 144 shares of the construction company’s stock valued at $33,000 after acquiring an additional 51 shares in the last quarter. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on STRL. Zacks Research cut shares of Sterling Infrastructure from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Sterling Infrastructure in a report on Monday, December 29th. DA Davidson boosted their price target on shares of Sterling Infrastructure from $355.00 to $460.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Finally, Wall Street Zen cut Sterling Infrastructure from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 26th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $460.00.

Sterling Infrastructure Stock Up 3.5%

Shares of Sterling Infrastructure stock opened at $308.13 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.26. Sterling Infrastructure, Inc. has a 52-week low of $96.34 and a 52-week high of $419.14. The company has a market capitalization of $9.47 billion, a P/E ratio of 30.21, a P/E/G ratio of 1.80 and a beta of 1.50. The company has a 50 day moving average of $331.56 and a 200 day moving average of $311.13.

Sterling Infrastructure (NASDAQ:STRL) last announced its quarterly earnings data on Monday, June 3rd. The construction company reported $0.64 earnings per share for the quarter. The business had revenue of $403.58 million for the quarter. Sterling Infrastructure had a net margin of 14.14% and a return on equity of 29.81%. As a group, research analysts forecast that Sterling Infrastructure, Inc. will post 5.98 EPS for the current fiscal year.

Sterling Infrastructure declared that its board has approved a share repurchase plan on Wednesday, November 12th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the construction company to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

About Sterling Infrastructure

Sterling Infrastructure, Inc (NASDAQ: STRL) is a diversified manufacturer and distributor of essential infrastructure products serving municipal, utility and industrial customers across North America. Through its network of wholly owned subsidiaries, the company designs, engineers and produces a wide range of cast and fabricated solutions tailored to the needs of the waterworks, natural gas, telecommunications, electric, traffic safety and parks & recreation markets.

The company’s product portfolio encompasses ductile iron and composite fittings, valve boxes, manhole frames and covers, water and gas meter sets, street light poles and mounting accessories, traffic sign posts with breakaway systems, bollards and related system components.